Using the Rule of 100

…Another way to apply practical value, is to…use something I'll call the rule of 100.…As we talked about practical value is all about useful information.…And one type of useful information is a discount.…We see all types of discounts all the time,…50% off this, 60% off that, half off this.…Groupon made a whole business model around discounts, getting…people really excited about 75% off cuisines they've never tried.…You see yourself…driving 90 minutes to a Kazakhstani restaurant and you wonder…why you went there, it's probably because there was a…Groupon for a seemingly great deal that made you think…it was just something you had to take advantage of.…

But are there more effective ways to frame discounts?…You don't want to discount if you don't have…to, but how can you use discounts more effectively?…Well some research has shown that even saying something…is on sale, even if its not actually on…sale, without changing the price, is one thing that…drives people to action, but the rule of 10…is another.…So say you're selling a product that's, I don't know, 20 or $30.…

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Released

2/6/2014

Why do some ideas spread while others fade away? Jonah Berger, PhD, professor of marketing at the Wharton School and author of the best-selling book Contagious: Why Things Catch On, reveals the secrets behind the science of social transmission. Discover what leads people to share content online and off, including social currency, triggers, emotion, public use, practical value, and storytelling. Learn what separates the best brands and stories from the rest in this example-rich course.